BEIJING - China's first national private equity "fund of funds", which invests in other funds, started operating on Tuesday, and one of its primary aims is to support the overseas expansion of Chinese enterprises.

Set up by China Development Bank (CDB) and Suzhou Venture Group, the Suzhou-based Guochuang Fund of Funds has 60 billion yuan ($9 billion) under management.

The first-phase investment of 15 billion yuan will mainly be raised among big Chinese companies and funds, such as the Social Security Fund, China Life Insurance Company Limited, China Reinsurance (Group) Corporation, and Huawei Technologies.